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Wednesday , 29 March 2017

Category Archives: Market News

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News with a focus on real estate, finance and the marketplace

Ontario Real Estate Association facing serious challenges

The association that represents realtors at the provincial level in Ontario appears to be facing an existential moment of truth. For decades, the Ontario Real Estate Association (OREA) Real Estate College has been authorised by the Real Estate Council of Ontario (RECO) to provide realtor education in the province, but that could be ending. RECO has reportedly decided to end its contract with the college as of 2020. Since that arrangement accounts for two-thirds of OREA’s annual revenue, $38 million in 2015, losing it would be a major blow to the organisation. Even before this potential crisis emerged, the organisation was engaged in some serious soul searching. Last year OREA ... Read More »

Gap widens between low-rise, high-rise home prices, availability

The gap between the average cost of newly built low-rise and high-rise homes in the GTA got wider again in January. A new single-detached home now costs twice as much as a stacked townhouse or condominium: $1,026,395 to $507,551. The single-detached price is up 25 per cent compared to a year ago; the condo price is higher by 13 per cent. Not only prices but numbers of sales are diverging. New low-rise home sales were down in January, with just 741 new homes sold, a drop of 29 per cent from a year ago. In Toronto, thirty-three new low-rise homes were sold in January. New condo sales went the other ... Read More »

Healthy or hot, experts differ on where Toronto’s housing market is headed

Rising housing prices in Toronto and the surrounding area bring out a wide range of opinions and explanations from observers such as bankers, ratings agencies, politicians and urban planners. Everyone agrees that home prices have gone up rapidly, but that is about all they agree on. An economist at BMO says the city is in a real estate bubble. The mayor says no it’s not. So does the city’s chief planner. And the international ratings agency Fitch classifies the entire country’s real estate market as unsustainable. All of them speak of supply and demand, which  drive every market, but how do they play out in this one? First the banker. ... Read More »

Slight dip in national home sales in January, supply critically short in Toronto

Home sales across the country were down slightly in January compared to December, reports the Canadian Real Estate Association, dropping by 1.3 per cent. Actual sales, however, were up compared to a year ago in most markets, including the GTA. There was a significant decline in new listings, with 6.7 per cent fewer homes available for sale in January, particularly severe in Toronto and parts of BC, according to CREA. In Toronto, January listings were less than half of what they were a year ago, according to Toronto Real Estate Board statistics. The ratio of sales to new listings jumped to 67.7 per cent, up from 64 per cent in ... Read More »

Housing construction surges in January, population passes 35 million

It would seem a natural connection: the population is growing, therefore the number of new homes built to house that population should also grow, at a more or less similar rate. If doesn’t happen that way usually, but in January the number of new housing starts in Canada took another of those “unexpected” jumps that economists always talk about, and the announcement from Canada Mortgage and Housing Corporation happened to coincide with one from Statistics Canada on the growth of the population. Canada is now home to more than 35.1 million and has the strongest population growth of the G7 countries, mainly due to immigration. The population grew by about ... Read More »

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